Homeppl raises €2.1 million
British prop-tech startup Homeppl has raised €2.1 million to continue its expansion across the UK rental market. Its smart platform assesses the real ‘risk level’ of tenants, allowing estate agents to reduce the cases of fraud, default, and delays that affect around 1 in 3 tenants in the UK today.
Homeppl was founded by Alexander Siedes,, who drew on his experience working in military intelligence in Israel to develop the platform and experienced the market’s market’s unfair reality firsthand when moving to the UK to study.
Rather than relying on outdated and unfair tick-box assessments, Homeppl is unique in that it leverages Open Banking, proprietary behavioral analysis, and fraud detection tests to assess the financial situation of potential tenants and their ability to afford rent. With COVID-19 putting pressure on personal finances, there is an increased risk of defaults and frauds, and confidence is now a key concern for many agents and landlords.
Homeppl’s approach means that around 5 million tenants who are currently rejected by the system would be able to pass checks. These “invisible” consumers include the self-employed, international students, and ex-pats. Many in these groups usually have to pay extra for large down payments, find a UK guarantor, or end up in insecure rental contracts, creating a “tenant tax” for those who don’t meet strict criteria.
